Question

Use the information above to answer the following question. If the company sells the machine at the end of 5 years and receives $11,500, the journal entry to record the sale will include which of the following?

A) Debit to Accumulated Depreciation for $138,000

B) Credit to Machine for $138,000

C) Debit to Loss on Sale for $500

D) Credit to Residual Value for $12,000

Answer

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